Under current rules, a servicer cannot explain on the notice itself that the borrower’s hazard insurance is insufficient rather than expired or expiring...

However, the technology initiative will not be a slam dunk. Real estate laws vary from state to state, which can present a high hurdle for large national lenders to clear.

Other changes include: providing flexibility for servicers to comply with certain force-placed insurance and periodic statement disclosure requirements.

“It’s been seven years since the financial crisis, and certainly a lot of things have changed,” said Rui Pereira, managing director at Fitch Ratings.

Mortgage companies may not realize it, but the CFPB is partnering with the state attorneys general, the Department of Justice, and in some cases, the Department of Financial Services in New York.

The new bulletin discusses standards and guidelines on verification of disability income, including those under the CFPB’s ability-to-repay rule.

The new documentation was released in conjunction with a non-agency RMBS reform symposium held in New York by SFIG and Information Management Network.

Used in conjunction with the industry’s RMBS 3.0 project, such a mechanism could help clear away the rubble from the market’s collapse...

On the other hand, examiners cited violations based on policies and procedures reviewed at other servicers.

Lenders are fearful the HMDA proposal does not adequately ensure consumer privacy and that additional costs will be passed onto borrowers.